General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1 — At a Glance
Ninety days is a short stretch in the life of an 88-year-old company. Bajaj Electricals makes household appliances, fans and lighting, and reported its June 2026 quarter on 6 August. Revenue in the three months to June 2026 came to ₹1,089 crore. The comparable figure a year earlier was ₹1,065 crore, so growth was 2.3 per cent. Operating profit was ₹77 crore, against ₹33 crore in the same quarter of 2025. Net profit was ₹48 crore, where the year-earlier quarter had produced ₹0.91 crore. Earnings per share, the profit attached to a single share, moved from ₹0.08 to ₹4.19.
The quarter immediately before, to March 2026, closed with a loss of ₹68 crore. The full year to March 2026 lost ₹91 crore on revenue of ₹4,461 crore. Inside that year sat one-off charges, called exceptional items, of ₹91.15 crore. They covered goodwill written down at the Chhatrapati Sambhajinagar (Aurangabad) unit and an impairment on moulds and dies. A provision for gratuity and leave encashment under the labour codes made up the rest.
EBIT margin measures profit before interest and tax against sales. Management attributes the June figure of 6.6 per cent, against 2.5 per cent a year earlier, to cost discipline, value engineering and agile pricing. Consumer Products reported an EBIT margin of 3.9 per cent, against minus 1.7 per cent a year earlier. Lighting Solutions, the other segment, grew 4.4 per cent over the same three months. Three things happened in a Mumbai boardroom on 6 August 2026. The board approved the quarter, appointed a Chief Growth and New Business Officer, and expanded the employee share option pool more than fivefold.
2 — Introduction
Bajaj Electricals Limited was incorporated in 1938 as Radio Lamp Works and took its present name in 1960. It began life as a marketing arm for consumer durables, selling goods rather than making them. The company belongs to the Bajaj group, led by Shekhar Bajaj, who signs the results as Chairman.
Today the company reports two segments, Consumer Products and Lighting Solutions. Consumer Products covers appliances, fans and the Morphy Richards range. Lighting Solutions splits into Professional Lighting, sold to businesses, and Consumer Lighting, sold to households. The engineering, procurement and construction division was demerged into Bajel Projects Ltd in the year to March 2024. The subsidiary Nirlep Appliances Pvt Ltd was merged into the company in that same year.
The organisation chart has been redrawn several times over the last eighteen months. Suketu Shah was appointed Interim CFO on 16 March 2026, the day Rahul Pundir was designated Senior Management Personnel. Pundir had become Chief Supply Chain Officer two weeks earlier, with effect from 2 March. Ashween Anand joined as CFO designate on 14 May and was appointed CFO with effect from 16 May. Tiny Sengupta was appointed Chief Marketing Officer with effect from 29 June.
On 6 August the board appointed Krishnan Sundaram as Chief Growth and New Business Officer, effective 11 August. Sundaram spent roughly two decades at Unilever in marketing and category management. He was most recently VP and Business Head of Functional Nutrition at Hindustan Unilever. His disclosed remit there covered a profit-and-loss account of ₹4,500 crore and the integration of the acquired Horlicks business. Between that role and this appointment he was chief executive of Vini Cosmetics.
On 16 March 2026 the company bought the Morphy Richards intellectual property for India and neighbouring markets. The price was ₹141.4 crore, and a long-standing licence became outright ownership. Shareholders met for the 87th annual general meeting on 6 August 2026. At it they approved the dividend, the accounts and a borrowing resolution.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3 — Business Model: WTF Do They Even Do?
The company sells the objects that make an Indian home habitable in summer and edible in general. CRISIL, a credit-rating agency, puts Consumer Products at 75 per cent of revenue. The segment covers mixer grinders, induction cooktops, juicers and rice cookers for the kitchen. Fans, air coolers, irons and water heaters make up the rest of the range. CRISIL ranks the company first by sales volume in the mixer grinder market. The same agency places it among the top two or three in other appliances, water heaters, coolers and dry irons, and among the top five in fans and lighting.
Four brand names divide the shelf, each aimed at a different buyer. Bajaj is the mass and value name, and Morphy Richards sits at the premium end. Morphy Richards covers hair straighteners, steam irons and microwave ovens, and has been owned outright since March. Nex is the newly launched premium fan brand, and Nirlep makes cookware. Nirlep’s non-stick pans and pressure cookers come out of the Aurangabad facility. Goodwill at that same facility was written down by ₹26.44 crore in the year to March 2026.
Lighting Solutions accounts for the remaining quarter of revenue and sells to two sorts of buyer. Households buy LED bulbs, tube lights and downlights; businesses buy street, stadium and industrial lighting. Projects include the street lighting for the Maha Kumbh Mela in 2025 and Wankhede Stadium. During the year to March 2026 the segment picked up three product lines it did not have before. Switchgears arrived in the three months to September 2025 and solar solutions in the quarter after. Wires followed in the three months to March 2026, completing the set. A segment called Lighting now sells things that carry electricity rather than emit it. Management calls it an
